Tough February for local housing market

February was a tough months for sales of single-family housing in the Capital Region: New listings fell 9 percent from a year ago, pending sales were down 7 percent, and completed sales tumbled 16 percent, according to the latest data from the Greater Capital Association of Realtors.

Prices held up, with the average sale price rising 3 percent to $221,730 and the median price, at which half the houses sold for more and half for less, was up 5 percent to $204,500.

The data cover an 11-county area that includes the five-county Capital Region metropolitan area.

Realtors said they were optimistic despite the fact that February’s declines wiped out January’s gains.

Association President Al Picchi said the inventory had declined to an 8.5 month supply from 9.8 months a year ago, while sellers were receiving on average 93 percent of their original list price.

“That’s very positive for them,” he said.

Association CEO Laura Burns said the recent Congressional action to roll back the escalation in flood insurance premiums also was having a positive impact on the Capital Region. Buyers of homes in flood plains were seeing sharp increases in flood insurance premiums. They will see refunds of disproportionate increases following President Obama’s expected signature of the measure.

Nationally, sales of existing homes also skidded, thanks in part to bad weather and in part to the rising expense of ownership.

Nationally, the median price climbed 9.1 percent in February, while supply weakened to just 5.2 months. Rates on fixed-rate mortgages are nearly one percentage point higher than a year ago. Sales were down 7.1 percent from year-earlier levels.

Sales of new and existing single-family homes locally were off 8 percent in Albany County, 14 percent in Rensselaer County, 13 percent in Saratoga County and 24 percent in Schenectady County.

The median price fell 1 percent to $213,500 in Albany County, and 10 percent to $170,000 in Rensselaer County. But it rose 6 percent to $260,500 in Saratoga County and was up 9 percent to $156,787 in Schenectady County.